Thursday, September 30, 2010

And this stuff doesn't even consider the VAT he and his cronies are gleefully expecting to additionally impose.

Summary:

"Since 1996, Congress after Congress has voted to lighten the tax burden on Americans. The current Congress will decide this fall whether to continue this policy or to significantly raise personal income taxes. President Obama has advanced a plan that reverses the long-standing successful policy: The President and his supporters are calling for tax increases, primarily on upper-income taxpayers and businesses— including small businesses, the primary job creators in the country.

Those who will be most burdened if this plan becomes law are the millions of Americans just starting their economic lives and the millions more trying to find work after the worst recession in 60 years. The rest, whose lives are affected by the investments and business decisions of those taxpayers in the high-income classes, will share the burden. No income earner will be unscathed.

Instead of extracting more income from the private economy, Congress should immediately reduce its spending and enact fundamental entitlement reform that supports strong economic growth. Heritage Foundation economists explain why employment and the economy cannot be made to grow through higher taxes—and how crucial it is for Congress to recognize this fact."